Eagle Plains Completes $350,000 Financing
Cranbrook, B.C.: Eagle Plains Resources Ltd. (EPL:CDNX) announces that it has closed a non-brokered flow-through private placement to arms length and non-arms-length investors. $350,000 was raised through the sale of 1.4 million common shares at a price of $.25 per share. No commission or finders fees were granted relating to the transaction. The shares will have a four month hold period expiring September 15th, 2000.
Funds generated by the financing will be used by the company to advance exploration on a number of its gold and base-metal properties in British Columbia and Yukon. With its option partners, Eagle Plains expects to see over 15,000 feet of diamond drilling completed on 4-6 individual properties during the next four months.
Eagle Plains has a 100% interest in over twenty base metal and precious metal properties in western Canada. Its properties are currently under option to Canadian and international corporations including Kennecott Canada Exploration Ltd., Rio Algom Exploration Ltd., Newmont Exploration Ltd., CanAustra Resources Ltd., and Novagold Resources Inc. Through existing agreements, the company is carried for $9,000,000 in exploration expenditures, and stands to receive $1,000,000 in cash payments. Eagle Plains is well-funded, and is aggressive in its efforts to carry out responsible, effective exploration activities throughout its theatre of operation.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.